Profits and revenues climb at listed engineering business
Engineering group Renew Holdings has reported a record year of results, underpinned by robust organic growth.
The Leeds-based company has today released its preliminary results for the year ended 30 September 2021.
These include a 27.5% rise in group revenue to £791m (2020: £620.4m) and pre-tax profits of £40.8m (2020: £32.1m).
Renew says it has an order book worth £749m (2020: £692m), with strong organic revenue growth driven by continued positive momentum in Rail business, along with framework wins and operational progress across diverse engineering services business.
The company adds it remains confident in its future prospects and is well positioned to capitalise on its strengths to target new opportunities in attractive markets.
Paul Scott, CEO, said: “2021 was another record year for the Group and I am pleased with the progress that has been made across all divisions.
“The essential nature of our work combined with the resilience of our low-risk, high-quality operating model has been a key driver for growth, as we continued to operate through the numerous lockdown and tiering scenarios experienced during the year.
“The two acquisitions we completed have strengthened our offering in water and rail and both are delivering to plan.
“I am pleased to report that we have carried forward this positive trading momentum into the new financial year and have a strong forward order book which underpins our confidence in achieving further progress in 2022.
“As we look further ahead, we are committed to building on our strengths to target new opportunities in attractive markets where we have the skillset to deliver mission-critical engineering infrastructure solutions for a sustainable future.”
